Ruling on AIB next week

THE High Court will rule next week on an application by AIB for an injunction against a number of former executives and a rival company the bank claims conspired to take over the clients, business and staff of AIB’s International Financial Services (IFS) business.

AIB is seeking orders against the six and several European-based financial services companies from using what the bank claims is confidential information and from approaching IFS’s clients pending the full hearing of the trial.

The defendants, who deny any wrongdoing, have argued the court should not grant the injunction.

Yesterday, at the High Court, following the conclusion of legal submissions, Mr Justice Frank Clarke said he would give his judgment next week.

AIB has claimed six executives unlawfully conspired with a rival business to take over the clients, business and staff of AIB’s IFS business when it moved last June to sell it to another group, Capita.

The six are: Pat Diamond, Elton Park, Sandycove, Dublin; Aidan Foley, formerly of Grawn, Kilmacthomas, Wexford; Gerry McEvoy, formerly of Shandon Park, Phibsboro, Dublin; Derek O’Reilly of Fernleigh Drive, Castleknock, Dublin; Andrew O’Shea, formerly of Ashbrook House, Julianstown, Co Meath; and Joe Walsh, formerly of Grosvenor Terrace, Monkstown, Co Dublin.

The bank has also brought proceedings against Centralis SA, based in Luxembourg, Centralis Switzerland and Centralis Hungary, which AIB claims were involved in the plan. The defendants deny AIB’s claims. They reject any wrongdoing or that confidential information belonging to AIB was passed on to a rival.

They also claim that AIB’s actions were preventing the corporate defendants from competing against IFS. The defendants also claim there was no non-compete clause in their contract of employment.

The bank claims that Capita reduced its offer for IFS from €55m to €33m after 25 directors and employees left IFS between June and August.